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As entrepreneurs, we work hard.  We value our work and will do almost anything for our ventures to succeed.  Most of us have invested, if not tons of money, our hearts and souls into our businesses with the hopes that they’ll churn a nice profit and provide a gratifying career.

But what’s the key ingredient to making any business work?  Investment.  Whether it’s with time, money, or some other resource, investing in your business is essential.

When and Where to Invest Money in Your Business #bsmart

When should you start?  Should you invest in your business after you’ve just started or should you wait until you are generating a good income?

Where?  Benjamin Franklin once said that investment in knowledge pays the best interest.  But does this mean you should invest in that expensive online course right now?  Or upgrade your website?

Now is a good time to invest in your business.

Why? It’s never too early to start pouring back into a business that has promise.  Would you want a free website that’s badly done to interfere with possible sales at the start of your business?  Would spending a few hundred dollars help you reach your business goals faster?  Would investing in a training class now help you achieve your most important business goal?  If your answer is yes to any of these questions, now may be a great time to invest in your business.

Decisions like choosing a $500 website over a $7,000 website may be hard and not straight forward.  It may take speaking with a business consultant to get down to the nitty-gritty answer.  But the truth is, once you’ve narrowed in on what your business needs to prosper, make a decision and don’t hesitate to invest early on.

Start where you have a pain point.

As a business owner, you could possibly be responsible for getting more clients, branding, selling, writing copy, social media, managing your website and the list goes on.  If you’re like most entrepreneurs, you’re likely in business to sell what you’re good at and not wear all of these other hats.  Yet, all of the other responsibilities come with the job, for better or for worse, so it’s natural (and smart!) to think about outsourcing them.

But when you’re faced with how you’ll invest in your business first, the choices can be super overwhelming, not to mention expensive.

Here’s my suggestion.

Do what you can to keep expenses low, but when you’re ready to invest, start where it hurts. If you have a problem getting clients, invest there. That may mean, paying for marketing to get you more clients, enrolling in a sales class that is specifically geared towards getting you more clients, buying a book about getting more clients, and so on.

And from one entrepreneur to another, I know you want your business to grow and your biggest entrepreneurial dreams to come true. If you’re willing to invest when the time is right, begin with your pain points, and commit to putting your money where it counts, I know that you’re well on your way.

You may have to pay money to get money.

Paying for a solution is not intuitive.  It’s not something that we’re necessarily taught.  Furthermore, investing in our businesses comes with risks, so it’s natural to have hesitation.  You may not know the company or individual that you’re buying from. You may not be sure if the product or service is going to work out for you. But before you invest, it’s helpful to do a little analysis.  Ask yourself, 'What will I gain if this works out well?  What will I lose if this doesn’t?'  Those two questions alone can help us decide if, when, and where to invest.

I talk to clients sometimes who have financial struggles that they’re completely stressed out over. When I ask what they’ve done in the past to make this problem go away, nine times out of 10, they’ve not invested in fixing their stressful financial issues before working with me.  But the way I see it, a little bit of money is worth taking away the stress. There’s a saying that goes something like 'you have to spend money to make money.'

Here’s the truth. Growing your business requires a certain comfort level with risks and investment.

And from one entrepreneur to another, I know you want your business to grow and your biggest entrepreneurial dreams to come true.  If you’re willing to invest now, begin with your pain points, and commit to investing financially where it counts, I know that you’re well on your way.

About the Author: Miranda Reiter is a certified financial planner and founder of She & Money Financial Planning. She helps women develop a game plan for financial success so that they can stop feeling broke, meet their goals, and live the life they truly deserve.  Join her free 30 Day Money Saving Challenge.

 

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